Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life.

If you can eliminate the government as a 39.6% partner, then you will be much better off.

Most business mistakes are irreversible setbacks, but you get another chance. There are two things in life that you don't get another chance at - marrying the wrong person and what you do with your children.

It's us fun being a horse when the tractor comes along, or the blacksmith when the car comes along.

It is not necessary to do extraordinary things to get extraordinary results.

Derivatives are like sex. It's not who we're sleeping with, it's who they're sleeping with that's the problem.

Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.